FX.co ★ Elliott wave analysis of Gold for November 22, 2022

Gold should see support near 1,726 and 1,696 if a slightly deeper corrective decline is needed. Once this corrective decline is complete, a new impulsive rally towards 1,860 and 1,912 is expected. However, Gold needs to break above key resistance at 2,070 to really open up the upside for a rally towards 2,400 and 2,700 as the next major upside targets.

As we still have the major resistance at 2,070 to conquer, we would like to take the expected rally higher in baby steps. For now, we will be looking for a bit more downside pressure towards 1,726 before the scenario of the next impulsive rally higher.